A Trade Finance Letter of Credit is a crucial document in international trade transactions, providing payment security to exporters while offering financing flexibility to importers. This version is specifically adapted for use under Philippine jurisdiction, incorporating requirements from the Bangko Sentral ng Pilipinas (BSP) and compliance with the General Banking Law of 2000. The document is structured according to UCP 600 guidelines while meeting local regulatory requirements for cross-border transactions. It details the conditions for payment, required documentation, shipping terms, and bank obligations. This instrument is particularly important in the Philippine context due to the country's significant involvement in international trade and the BSP's strict regulatory framework for trade finance operations.
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1. Letter Reference and Date: Unique LC reference number and issuance date
2. Beneficiary Details: Full name and address of the party receiving the letter of credit (typically the seller/exporter)
3. Applicant Details: Full name and address of the party requesting the letter of credit (typically the buyer/importer)
4. Issuing Bank Details: Name and address of the bank issuing the LC
5. Credit Amount and Currency: Specification of the maximum amount and currency of the LC
6. Form of Credit: Whether the credit is irrevocable (as per UCP 600) and any transfer conditions
7. Expiry Details: Expiry date and place for presentation of documents
8. Payment Terms: Specification of when and how payment will be made (sight, deferred payment, acceptance, or negotiation)
9. Required Documents: Detailed list of all documents required for presentation
10. Shipment Terms: Details of shipment including latest shipment date, partial shipments, and transhipment conditions
11. Description of Goods: Precise description of the goods, quantity, and unit price
12. Bank Charges: Specification of which party bears which bank charges
1. Advising Bank Details: Include when a separate advising bank is used to authenticate and forward the credit to the beneficiary
2. Confirmation Instructions: Include when confirmation is requested from another bank
3. Reimbursing Bank Details: Include when a separate reimbursing bank is involved in the transaction
4. Special Conditions: Include when there are additional requirements or conditions beyond standard LC terms
5. Transfer Conditions: Include when the LC is transferable to specify the terms and conditions of transfer
6. Back-to-Back Provisions: Include when the LC may be used as collateral for issuing another LC
7. Green Clause: Include when advance payment is permitted against warehouse receipts
8. Red Clause: Include when advance payment is permitted prior to document presentation
1. Schedule A - Document Requirements: Detailed checklist of required documents and their specific requirements
2. Schedule B - Goods Specification: Detailed technical specifications of the goods being traded
3. Schedule C - Shipping Terms: Detailed shipping instructions and requirements including INCOTERMS
4. Appendix 1 - Standard Banking Forms: Forms required by the issuing bank for document presentation
5. Appendix 2 - Fee Schedule: Detailed breakdown of all applicable banking fees and charges
6. Appendix 3 - Authorized Signatories: List of authorized signatories for document authentication
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
International Trade
Manufacturing
Agriculture and Food
Textile and Apparel
Electronics and Technology
Mining and Resources
Consumer Goods
Automotive
Pharmaceuticals
Energy and Utilities
Construction and Infrastructure
Retail
Chemical Industry
Logistics and Transportation
Relevant Teams
Trade Finance
International Banking
Credit Risk
Compliance
Legal
Treasury
Operations
Commercial Banking
Documentary Credits
Risk Management
Finance
International Trade
Banking Operations
Credit Administration
Trade Operations
Relevant Roles
Trade Finance Manager
International Trade Specialist
Documentary Credits Officer
Credit Risk Officer
Compliance Officer
Treasury Manager
Import/Export Manager
Trade Operations Manager
Banking Relationship Manager
Chief Financial Officer
Finance Director
Credit Analyst
Trade Finance Specialist
Banking Operations Manager
Legal Counsel
Commercial Banking Officer
Trade Documentation Specialist
Financial Controller
Risk Management Officer
International Business Development Manager
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